New approach to debt called for

[Chris Burford]

At 21:47 31/08/99 -0400, Doug wrote:
>Chris Burford wrote:
>
>>Sounds like the IMF needs to set up a fund to divert capital centrifugally
>>out to Africa at the same rate that it is flowing in centripetally.
>>
>>Sounds like the need for a Tobin tax again!
>
>Could you explain how a Tobin tax, a levy on transactions, would 
>fundamentally change the direction of net capital flows? And since 
>most of Africa's creditors are official, not private, would a TT even 
>touch them?>

It would generate a fund of the order of 200 billion dollars a year that
could be diverted consciously in the opposite direction to the centripetal
tendencies of the uneven accumulation of capital.

Like Zizek, I am arguing for global solutions to global problems.

Chris Burford

London